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Reasons for the demise of interest : savings glut and secular stagnation or central bank policy?

Mayer, Thomas; Schnabl, Gunther - 2019

In this paper we compare the Keynesian, neoclassical and Austrian explanations for low interest rates and sluggish growth. From a Keynesian and neoclassical perspective low interest rates are attributed to ageing societies, which save more for the future (global savings glut). Low growth is...

Persistent link: https://www.econbiz.de/10012124862

Macroprudential policy coordination with international capital flows

Chen, William; Phelan, Gregory - 2017 - This version: May 13, 2017

Persistent link: https://www.econbiz.de/10011703292

Introducing dominant currency pricing in the ECB's global macroeconomic model

Georgiadis, Georgios; Mösle, Saskia - 2019

A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter's or the … rate is a major driver of global trade, even for transactions that do not involve the US. In order to illustrate the … dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …

Persistent link: https://www.econbiz.de/10012107938

Low long-term interest rates : an alternative view

Behrendt, Stefan - 2017

The fall in risk free interest rates since the 1980s has mostly been described as being induced by factors that push down interest rates from the demand side. This paper contributes to the literature by adding a view of the supply side, namely that interest has to be earned first, before it can...

Persistent link: https://www.econbiz.de/10011601155

Taylor rule deviations and out-of-sample exchange rate predictability

Ince, Onur; Molodtsova, Tanya; Papell, David H. - 2015

Persistent link: https://www.econbiz.de/10010528961

Bimetallism and its discontents : cooperation and coordination failure in the Empire's monetary politics, 1549-59

Volckart, Oliver - 2017

Persistent link: https://www.econbiz.de/10012206113

Optimal policy under dollar pricing

Egorov, Konstantin; Mukhin, Dmitry - 2020

Recent empirical evidence shows that most international prices are sticky in dollars. This paper studies the optimal policy implications of this fact in the context of an open economy model, allowing for an arbitrary structure of asset markets, general preferences and technologies, time-or...

Persistent link: https://www.econbiz.de/10012213072

The fiscal footprint of macroprudential policy

Reis, Ricardo - 2020

Monetary policy leaves a fiscal footprint. In some circumstances, relieving the fiscal burden becomes the main goal of policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it characterizes the size and sign of its fiscal footprint,...

Persistent link: https://www.econbiz.de/10012222608

Should monetary policy take inequality and climate change into account?

Honohan, Patrick - 2019

Persistent link: https://www.econbiz.de/10012224203

Central bank independence and systemic risk

Andrieş, Alin Marius; Podpiera, Anca Maria; Sprincean, Nicu - 2020

We investigate the relationship of central bank independence and banks' systemic risk measures. Our results support the case for central bank independence, revealing that central bank independence has a robust, negative, and significant impact on the contribution and exposure of a bank to...

Persistent link: https://www.econbiz.de/10012232865